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Inter Pipeline board rejects unsolicited takeover offer by Brookfield

The board of directors at Inter Pipeline Ltd. has unanimously rejected a hostile takeover offer by Brookfield Infrastructure Partners LP.

Brookfield is trying to buy pipeline company Inter Pipeline for $ . 25 a share. (pan demin / Shutterstock)

The board of directors at Inter Pipeline Ltd. has unanimously rejected a hostile takeover offer by Brookfield Infrastructure Partners LP.

The company says the board’s decision followed careful consideration, including advice from its financial and legal advisers, and the recommendation of a special committee of independent directors.

The board called the bid highly opportunistic and says it does not reflect the company’s full and fair value.

It added that a strategic review of alternatives is already underway.

Brookfield is offering $ .) per share in cash or 0. 206 of a Brookfield Infrastructure Corp. class A exchangeable share, with the maximum cash available set at $ 4.9 billion.

Brookfield has said it previously discussed prices with Inter Pipeline “in the range of $ 17 to $ 18. 18 “per share but would need to study its books before increasing its offer.

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